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What Is E-Banking?
E-banking is defined as the process that can allow the customer to perform personal or commercial banking transactions using various telecommunications and electronic methods. E-banking service is offered by several banks. They can help the customer by performing all the required services of transactions with one click.
Popular Services Covered Under The E-Banking
Many types of services are covered under the blanket of e-banking. Some of them are mentioned below.
Internet banking:
The interested customers can perform the transactions related to the areas of monetary and non-monetary aspects through the internet. Consumers can complete the internet banking procedure through the bank’s application or website.
Mobile banking:
In recent times mobile banking is becoming one of the most used methods to complete transactions. Customers can download the mobile applications of the bank and start the transactions within minutes.
ATM:
An ATM is also known as an automated teller machine. It is one of the most popular transactions services in the country. ATMs can allow you to withdraw cash, check account status, deposit and allow the transfer of funds. You can change your unique PIN [personal identification number] to ensure privacy. It is required for safe transactions from the ATM.
Debit Card
A debit card is very popular these days. People keep it handy to perform daily life transactions. They are linked to the bank account of the consumers so during the transaction customers have to swipe the card to complete the process.
Credit card
It is a payment card issued by the bank to the customers. The authorities of the bank will check the credit score and history to provide the funds. Consumers must note that the limit of the credit card is approved by the bank.
Point of sales [POS]
It is the point where the date, time and place is usually a retail outlet where the customer will make the payment by using the plastic card. They can make the payment through the plastic card for services and various goods.
Electronic data interchange [EDI]
It is a new method to maintain communication with various businesses digitally using a proper format. Earlier the format used for the EDI was paper-based but now it has become digital.
Electronic fund transfer [EFT]
EFT is defined as the method through which the money is transferred digitally from one bank to another. It includes various payment methods such as NEFT, RTGS, IMPS, wire transfer, direct deposit, direct debit and credit.
What Are The Major Benefits Of E-Banking?
There are various benefits of e-banking. Some of them are mentioned below:
- It is an easy and convenient method for consumers
- It can reduce the cost of the transaction for the banks
- The customers can access the bank 24*7
- It can enable digital payment that ensures transparency
Conclusion
E-banking is one of the most popular transactions methods these days. People from almost every region are preferring digital payments as they are convenient and easy to use. Many types of transaction methods such as credit cards, debit cards, ATM, UPI payments, etc. are included in E-banking.
